What "iOS" Means ?
Its Stand For Iphone Operating System For More Advanced info
IOS What "iPSW"?
iPhone Software there's many Arguments about what this word stand for but What You Need to know that ipsw is Extension For Apple Software Update File
What "iTunes" Means ?
iTunes is Official Software by Apple For Syncing music and videos and Photos etc. and it's used for software updates You Can say You Can't Have Apple Device without iTunes
More info
Wiki Download What is "iCloud"?
iCloud is online Storage Service developed by Apple You Can Backup Your data on The CLOUD online that's why they called it cloud you can access it anytime anywhere
Wiki
Official web site
iCloud
On Your Phone You Can Access it (Go to Settings > iCloud and insert Your Apple Account and start syncing )
What "Jailbreak" Means ?
It's More Like Getting Root Access for iPhone and
Break it's limitations from running Other extension and other applications and All of that Using
Cydia
and in Anytime if You Think Jailbreak or Cydia Causing Problems Simple Restore For Your IOS Device will Delete everything back to factory
For More info on jailbreaking
WIKI
Jailbroken Phone can Still Use iTunes and Apple Store so nothing will be missing or conflicted with Original software
Do i Really Need it ?
For Normal user You Don't unless You Want to Edit Original software (installing new theme , changing fonts ,etc) basically change anything from Original firmware and Not Harm the Phone in any way .
Is it Legal ?
in Most Counteries it's Legal and For more info
Legal statue is it Secured ?
Please Read
here Will it Void my Warranty ?
yes yes yes but As Mentioned Simple Restore Would Reset Phone back to Factory So You Can't go to apple with jailbroken Phone And ask for Help.
To be Continued ...
This Thread is made For Apple users Not Gsm or Dev People That's why it's simple
This Thread will remain opened to give thoughts and ideas and feedback